A Monopolistic Competitor Is in Long-Run Equilibrium When

question 257

Multiple Choice

A monopolistic competitor is in long-run equilibrium when

• A) economic profits are equal to zero and the average total cost curve is tangent to the demand curve.
• B) economic profits are equal to zero and the marginal cost curve is tangent to the demand curve.
• C) economic profits are greater than zero and the average total cost curve is tangent to the demand curve.
• D) economic profits are greater than zero and the marginal cost curve is tangent to the demand curve.

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Definitions:

Cults

Groups that often exhibit extreme or unorthodox beliefs and practices, usually led by charismatic leaders.

Collective Conscience

A collection of common values, thoughts, and ethical stances that act as a cohesive influence within a community.

Durkheim

A French sociologist, social psychologist, and philosopher who is considered one of the founding fathers of sociology.

Marx

Karl Marx was a 19th-century philosopher, economist, and revolutionary, best known for his works on capitalism and communism as well as for founding Marxist theory.